5 Best Skills for Purchasing and Procurement Professionals in 2020

Procurement professionals have to be focused on two things in particular. One is to ensure the delivery of goods and services, and the other is to keep the costs as low as possible. As these responsibilities are not going to fade any time soon, there will be a call for the procurement team to fill other roles within the company.

Before starting, I want to say that people often use the words procurement and purchasing interchangeably. The reality is procurement is a core segment of a business strategy, which includes supply chain management, supplier relationship, inventory control, purchase requests, and payments. Procurement is an important part of a business’ overall mission, from procure-to-pay system. In between, if any poor management issue arises, it can break a company’s supply chain system. However, when procurement is done well, success of a business will automatically follow.

What Skills Procurement Team has to have?

Procurement teams have the opportunity to become strategic, adapt and acquaint with a new skill set in their professional toolkit. Find some of the procurement skills that will be most valuable in the coming years.

Develop Financial Skills:

A procurement professional has to have a versatile skill set, including handling finances appropriately. The relation between procurement and finance needs to be stronger than ever, because in today’s market context, procurement professionals need to serve as a strategic aid to finance and have a firm grasp of the finance principles that govern their company. It means their company would also rely on their finance knowledge.

Collaborate Effectively:

Procurement professionals need to be efficient in handling external and internal service requirements. Collaborative efforts are crucial for procurement teams to understand what goods are necessary for their own company, what goods and services of them are better, how to manage their time and contracts effectively, and how to properly outsource certain key functions of a company. There has to be an interdepartmental synergy and seamless communication system to increase output, sales, revenue and overall company efficiency.

Audit Pricing Proposals:

A procurement professional is also expected to be able to figure out the best pricing in the market. The better pricing you win for your company, the more you can demonstrate your market authority. You will be in charge of analysing pricing proposals for every acquisition. You will also be in charge of taking your company’s financial record before attempting negotiation.

Conduct Contract Negotiation:

If you want to take your career to the next level, you have to be proficient in conducting contract negotiation. You can develop the contract negotiation skills by enrolling in one of the best Purchasing and Procurement Courses. You will get to learn how to conduct contract negotiation deals, which can give your organization the edge over market competitors in terms of saving against procurement.

Establish Supplier Collaboration:

A procurement professional is also responsible for striking a collaborative rapport with their suppliers to ensure product shipment is always smooth. This may seem as an easy job to do and an individualist approach can serve the purpose, but the case isn’t that easy now. Procurement professionals need to learn the dynamics of today’s people management capably. Enrol in a Procurement and Supply Chain Training Program.

Where to Enrol to Develop Your Procurement & Purchasing Skills?

You are now aware of the skills that modern-day procurement and purchasing career calls for. If you feel to upgrade your skills and knowledge to assist your company with effective planning, procurement, stock management, pricing, logistics, and distribution, enrol in a Purchasing and Procurement Course at Promise Training & Consultancy and master the necessary tactical skills in procurement, logistics, operations, and transportation. At the same time, you will be able to gain recognition for your dedication to skills development, as well as maximize your work efficiency and productivity.

To view entire details of the Procurement and Supply Chain Training Programs, click here.